Trading bots... do they work?

[CoinPunkz]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

[Wapfika]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

3rd party trading bots? What do you mean working because all trading bots will work based on the setup you made on it. But if you mean passive profit using a programmed trading bot by random guy will surely scam/hoax. There’s no such thing as working trading bot that will give you consistent profit.

Trading bot on exchange are all working base on your setup as I frequently using it for DCA and range trading whenever the price is on sideways. What trading bot you are describing here?

[milewilda]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

3rd party trading bots? What do you mean working because all trading bots will work based on the setup you made on it. But if you mean passive profit using a programmed trading bot by random guy will surely scam/hoax. There’s no such thing as working trading bot that will give you consistent profit.

Trading bot on exchange are all working base on your setup as I frequently using it for DCA and range trading whenever the price is on sideways. What trading bot you are describing here?

Maybe he/she do talks about those already set-up bots that could be seen neither on exchange platform or something that we can see ex. gunbot  but in overall which newbies do really have that kind of
impression and believe that these things could really make them money passively on which they would really be just simply running it and then wait for profits. 

@OP, trading bots are for automation of your trades on which this could really be bringing out that convenience specially if you do love on executing your own methods and analysis
on certain price conditions without needing to have to look at your monitor most of the times. To save yourself from this then this is where trading bots do sets in, it do
really bring outs that convenience specially if you do really know on how to make use of it. Its not something that could assure out money making things
which i do highly believe that this is where newbies do mostly believe on.

[Oshosondy]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

I do not use bots to trade because I do not see any need for it. But because I do not use bots to trade, that does not mean I do not know about it. As milewilda has said already, trading bots are used to automate trading process, in a way you do not have to be monitoring the screen all the time. You can also use it in buying more coins at a specific time or when the asset you are buying has decreased to certain price.

All the automated orders used in future market is enough for me. I can DCA manually. I have not seen a reason to use a bot. But if you are interested, there are some trading bots on OKX. You can try some out and see how they work. You can also build your own trading bot.

Using bots does joty mean you are a good trader. It does not also mean you can not still open a position and lose, but it can make trading process to be easier.

[Hamza2424]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Which type of trading bots you are talking about, there are a few things that need to be clear before giving feedback, are you using Bots on the CEX, or using them on DEX, are you using the Bot feature provided by the platform or are you are integrating some king of 3rd party?

I can elaborate on things if you provide a set of proper details you want, In simple yes they work, at least for me they worked very well as far as I have used them, specifically, Bots are designed for special types of market situations as Etremly Volatile market and consolidating market. Also if you are thinking of trading with bots in a short time frame its highly possible you are making a mistake.

[Aanuoluwatofunmi]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

Yes they exist and work,
Do they last? No they don't
Are they always accurate? Sometimes they are and other times they don't, there's no reliability in using them.

If using a trading bot is what we can see from other angle that it's not 100% effective, they cost us money and yet are not that reliable for maximum profitability as the results we would ever wanted to have, so if you think you want a long lasting and reliable trading experience, learn how to trade and be knowledgeable.

[salad daging]

Not using this trading bot is certainly still pros and cons there are always those who say it's good or bad which obviously this comes back to yourself.

Now many exchanges provide trading bots or maybe you try it?

Don't have much experience so I can't comment more.

[Finestream]

At times they work and give you profits, but in most of it, they are certainly not reliable so we can’t guarantee that using them will definitely make our trades easier and be more susceptible to profits. Trading bots are just robots who only follow whatever our command is, so the success or failure of our trades will never depend on them, but on the traders who use those trading bots.

[Kelvinid]

Honestly, trading bots work but when it asks if it is profitable, that will depend on the trader who uses it. Why? Trading bots is only reliant on the user and you can't expect to work alone without command, and if you don't have knowledge in trading, therefore, never expect that it will work effectively but fail.
I'd rather suggest you not to use bots if you are still learning trading as it won't bring you to success instead, work on yourself and carry the risk alone. As long as you have ample time to trade, you can be a great trader like others but if you rely on bots, I don't think so.

[Distinctin]

I was tempted to use trading bots but it never reaches towards my high expectation on it so I end up trusting my own knowledge and experience in trading because that is more reliable than trusting my trades into a robot. Note that trading is always a battle of minds and emotions, and if you think you’re not capable to manage your emotions and increase your trading resources, then do your own diligence to learn all by yourself but never resort into using trading bots because they are not worthy of our funds.

[goaldigger]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Yes it works and depends on what BOT you are using.
I’ve tried this before in trading and I can say that its fine as long as you set it up properly.
The pros is you are trading even if you are busy, and they also have the default setting which I think can also be profitable. The only cons that they have is that its not cheap, and you have to find a good BOT to trust with.

[palle11]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

Yes they exist and work,
Do they last? No they don't
Are they always accurate? Sometimes they are and other times they don't, there's no reliability in using them.

I don't use bots but I have read reviews and what some friends have said about trading with it and most of the challenges mentioned above are exactly what it is. I have had some friends complained of bots after making some profit, the next day they lose money than the previous profit made and eating into the capital. The challenge that bot also have is that you also need to monitor it from time to time but maybe not like manual trading. This is contrary to people's believe that it is not monitored but if you don't after a while some bots may do reverse trading.

[arwin100]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

It maybe useful if you are lazy people and want to set up your trades according to your target. But if you have more time to watch every trades you do then I guess its just a waste of money for availing that trading bots. But if you mean just like what other say that it provide profit since someone offering you that you can gain a passive income if you invest with the bots they set then as always that is a scam.

[jossiel]

I am not using it but got to see how they work and if you're in an exchange where most features like setting up your buy/sell manually, they're just like automating it and not that much of a change.

If you're a busy person and you think that you really need it then give yourself a go.

Remember that they don't work for you to make a profit but they're just there to setup things that are manually done by the trader and it's still your decision to profit will take you to profiting.

[harizen]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

By saying "do they work", are you referring to generating an income scheme?

Technically, trading bots work based on how they were set up. They will "almost" perfectly execute a given command once the triggering point happens in the market. There are also features where bots will automatically execute the best possible move at any given market behavior or signals since we know traders do have different strategies at different trends.

Personally, I'm not using a trading bot but saw it before on a close friend of mine who has been a trading enthusiast for several years now. Although he's expertise is more on trading stocks, the idea should be the same if applied to crypto-trading.

[Bitcoin_people]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Basically I have never used this kind of trading bot so can't say with much certainty how successful it will be. But users can benefit a lot by using it but only people who have good knowledge about it can earn money. Achieving profit using such bot trading strategies requires good knowledge and good intentions. If you are not knowledgeable about the trending then you will never profit from trading like this but fail. If you want to profit from trading then never take such decisions, rather take good advice so that you don't get ted by bots. You should never rely on trading by bots as you will never be successful. So you always take the advice of a wise and successful trader so you can profit and make money by trading.

[xSkylarx]

Yes, they are working, but that doesn't mean that if it is working, you are earning profit from it because others are just milking you some money when you purchase it, but others are working completely. Most of the bots are used to automate your trading strategy, meaning you don't need to check your chart from time to time to see an entry, it is doing the process for you. However, there are bots that you can purchase online that already have a strategy on them. This is where most of the traders got scammed, or even tried them out, but it is not working for them.

It is not really recommended to have a trading bot if you are new and just learning trading because you won't understand it. It is better to do the traditional one because you still don't have any trading strategies to apply to the bot.

[adaseb]

They don’t work. If they really worked then they wouldn’t be for sale. Why not just run it yourself instead of selling it for cheap. Doesn’t make sense.

They either work in demo which can’t be replicated with live trading and doesn’t account for liquidity or slippage. Or they basically worked in a specific time in the past and eventually when markets change they will stop working. Now we are mostly range trading and if conditions change such as we start a bear or bull market then those bots won’t work anymore.

[Danydee72]

I use a selfmade bot. And it works. But does it give me constant profit? No.
"do they work" means for me: the bot runs most of time following a strategy I implemented.
My bot is not a necessary tool for me. All what it does, can be done by myself. It just reflects my own trading activities.

Pros: the bot runs without emotions 24/7.
Cons: the bot runs without emotions 24/7  

btw: I agree with others: I would never use a bot with a working strategy sold somewhere. No one sells bots giving constant profits.
Selling profitable bots does not make sense. Better invest your money in adopting your own strategy. Bots are not necessary to be successful and often they
lead to scam or at least they take your money without significant revenue. But personally I like to have a bot, just to adopt some rules and see if they work or not. That's my risk and my fun.

[jeraldskie11]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Some bots are really working that you can gain profit from your trades. If you use bot in trading, you don't have to spend time to analyze the market to be able to trade, the bot will do it for you. Trading bot has no emotion since most traders fail because of their emotions. So if you are having a hard time to control your emotions, this is good for you — I think these are the pros. The cons of using bot is that you can't guarantee that in the long run you will become profitable since bot rely only on the program not on the market movement.